Crypto exchange BitMart to shut down after nine years, BMX token crashes 58% — CoinDesk

RESOLVING THE LEDGER

Crypto exchange BitMart to shut down after nine years, BMX token crashes 58% — CoinDesk | AIPROPX

It is the second crypto exchange to announce closure this week, with the perpetuals trading powerhouse BitMEX saying Thursday it would shut down after 11 years, as CoinDesk reported .

The exchange stopped accepting new registrations, deposits and new trading orders from 01:30 UTC on Sunday, it said, with futures accounts moving to reduce-only mode.

All trading, spot and derivatives, ends on Aug. 26, and the platform formally ceases operations on Jan. 31, 2027. Withdrawals stay open throughout, though BitMart urged users to complete identity checks, close positions, and submit withdrawal requests before the August cutoff.

Important Notice After a careful evaluation of the Company's operating conditions, market environment, and future strategic direction, BitMart has made the difficult decision to commence an orderly wind-down of its trading platform operations. We deeply regret having to make… pic.twitter.com/KX3zczIrAh

The company attributed the decision to “operating conditions, market environment, and future strategic direction,” offering no further detail on which of those factors led to the closure.

CoinDesk has reached out to BitMart for further comment.

BMX, the platform's token, fell to about 8 cents, down 58% over 24 hours, cutting its market value to roughly $27 million. The token was already down about 70% over the past year, so Sunday's drop extended a long decline rather than starting one.

The exchange's trading figures are significant, despite the closure. BitMart reported $1.6 billion in 24-hour volume, up 51% from the previous period, with bitcoin accounting for nearly half. That jump more plausibly reflects users unwinding positions and moving funds out than any fresh demand, but it leaves open why a platform still clearing that kind of flow is closing.

Meanwhile, the withdrawal terms carry more friction than a routine exit. BitMart said requests may face additional review covering identity verification, device and IP checks, withdrawal-address screening, source-of-funds questions and sanctions checks and warned that processing could stretch if request volumes spike.

BitMart lost about $196 million to a hot-wallet breach in December 2021, one of the larger exchange hacks of that cycle, and covered customer losses at the time.

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